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Type: Journal Articles Authors: Steve Bond, et al. ISSN: 1099-1255
Published in: Journal of Applied Econometrics
Volume, issue, pages: Vol. 25, No.7, pp. 1073-1099
Using annual data for 75 countries in the period 1960-2000, we present evidence of a positive relationship between investment as a share of gross domestic product (GDP) and the long-run growth rate of GDP per worker. This result is robust for our full sample and for the subsample of non-OECD countries, but not for the subsample of OECD countries. Our analysis controls for time-invariant country-specific heterogeneity in growth rates, and for a range of time-varying control variables. We also address endogeneity issues, and allow for heterogeneity across countries in model parameters and for cross-section dependence. Search |
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